What is utilization ?

What is utilization ?
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1 Answer

Answer :

Use in the general sense means the necessity or usefulness of a product. But in economics the term utilization is used in a special sense. Utilization is the ability of a person to meet the needs of a product or service (whether beneficial or harmful). According to Professor Meyers, "a product is a special quality or ability that is capable of meeting the needs of human beings." Therefore, if a product or service has the capacity to meet the needs of the people, then the product or service is considered to be useful, such as the pen meets our writing needs , quenches the thirst for water , quenches the hunger for food , doctor's advice is helpful to cure anger , nurse service to cure anger. Helps. Therefore, the above products and services are used.
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